DDM Analysis: CQP

Valuation Snapshot

Stable Growth	$166.06 - $954.52	$310.72
Multi-Stage	$102.58 - $111.86	$107.13
Blended Fair Value	$208.93
Current Price	$53.82
Upside	288.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.15%	36.58%	4.62	6.01	5.44	3.00	2.81	2.60	2.30	0.61	0.20	0.20
YoY Growth	-	-	-23.12%	10.32%	81.60%	6.77%	7.86%	13.21%	278.57%	196.97%	0.00%	0.02%
Dividend Yield	-	-	6.99%	12.16%	11.51%	5.32%	6.76%	9.64%	5.47%	2.09%	0.63%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,323.00
(-) Cash Dividends Paid (M)	2,045.00
(=) Cash Retained (M)	278.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	464.60	290.38	174.23
Cash Retained (M)	278.00	278.00	278.00
(-) Cash Required (M)	-464.60	-290.38	-174.23
(=) Excess Retained (M)	-186.60	-12.38	103.78
(/) Shares Outstanding (M)	484.00	484.00	484.00
(=) Excess Retained per Share	-0.39	-0.03	0.21
LTM Dividend per Share	4.23	4.23	4.23
(+) Excess Retained per Share	-0.39	-0.03	0.21
(=) Adjusted Dividend	3.84	4.20	4.44
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$166.06	$310.72	$954.52
Upside / Downside	208.54%	477.33%	1,673.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,323.00	2,474.00	2,634.80	2,806.07	2,988.46	3,182.71	3,278.19
Payout Ratio	88.03%	88.43%	88.82%	89.21%	89.61%	90.00%	92.50%
Projected Dividends (M)	2,045.00	2,187.66	2,340.22	2,503.38	2,677.86	2,864.44	3,032.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,007.72	2,026.75	2,045.78
Year 2 PV (M)	1,971.07	2,008.62	2,046.51
Year 3 PV (M)	1,935.06	1,990.61	2,047.21
Year 4 PV (M)	1,899.67	1,972.73	2,047.87
Year 5 PV (M)	1,864.89	1,954.96	2,048.49
PV of Terminal Value (M)	39,967.90	41,898.37	43,902.71
Equity Value (M)	49,646.31	51,852.03	54,138.57
Shares Outstanding (M)	484.00	484.00	484.00
Fair Value	$102.58	$107.13	$111.86
Upside / Downside	90.59%	99.06%	107.83%

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086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
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BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
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Cheniere Energy Partners, L.P. (CQP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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